SLM Student Loan Trust 2003-4 - FORM 8-K - EX-99.1 - TABLES SHOWING SLM STUDENT LOAN TRUST 2003-4 POOL INFORMATION

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8-K - CURRENT REPORT - SLM Student Loan Trust 2003-4	sl20161205-8k_20034.htm

Exhibit 99.1

ANNEX A

The Trust Student Loan Pool as of October 31, 2016

The trust student loans owned by the trust were originally selected from a portfolio of consolidation student loans owned by Student Loan Marketing Association by employing several criteria, including requirements that each trust student loan as of the original cutoff date:

·	was guaranteed as to principal and interest by a guaranty agency under a guarantee agreement and the guaranty agency was, in turn, reinsured by the Department of Education in accordance with the FFELP;

·	contained terms in accordance with those required by the FFELP, the guarantee agreements and other applicable requirements;

·	was more than 120 days past the final disbursement;

·	was not more than 210 days past due;

·	did not have a borrower who was noted in the related records of the servicer as being currently involved in a bankruptcy proceeding; and

·	had special allowance payments, if any, based on the three-month commercial paper rate or the 91-day Treasury bill rate.

No trust student loan as of the original cutoff date was subject to the depositor’s or the Student Loan Marketing Association’s prior obligation to sell that loan to a third party. The Student Loan Marketing Association was dissolved on December 31, 2004 and all of its obligations were assumed by its affiliate, Navient Credit Finance Corporation.

Unless otherwise specified, all information with respect to the trust student loans is presented as of October 31, 2016, which is the statistical disclosure date.

The following tables provide a description of specified characteristics of the trust student loans as of the statistical disclosure date. The aggregate outstanding principal balance of the loans in each of the following tables includes the principal balance due from borrowers, plus accrued interest of $2,315,824 to be capitalized as of the statistical disclosure date. Percentages and dollar amounts in any table may not total 100% or whole dollars due to rounding. The following tables also contain information concerning the total number of loans and total number of borrowers in the portfolio of trust student loans. For ease of administration, the servicer separates a consolidation loan on its system into two separate loan segments representing subsidized and unsubsidized segments of the same loan. The following tables reflect those loan segments within the number of loans. In addition, 3 borrowers have more than one trust student loan.

The distribution by weighted average interest rate applicable to the trust student loans on any date following the statistical disclosure date may vary significantly from that in the following tables as a result of variations in the effective rates of interest applicable to the trust student loans and in rates of principal reduction. Moreover, the information below about the weighted average remaining term to maturity of the trust student loans as of the statistical disclosure date may vary significantly from the actual term to maturity of any of the trust student loans as a result of prepayments or the granting of deferment and forbearance periods.

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The following tables also contain information concerning the total number of loans and the total number of borrowers in the portfolio of trust student loans.

Percentages and dollar amounts in any table may not total 100% of the trust student loan balance, as applicable, due to rounding.

COMPOSITION OF THE TRUST STUDENT LOANS AS OF THE STATISTICAL DISCLOSURE DATE
Aggregate Outstanding Principal Balance	$	676,595,284
Aggregate Outstanding Principal Balance – Treasury Bill	$	91,494,024
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill		13.52	%
Aggregate Outstanding Principal Balance – One-Month LIBOR	$	585,101,260
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR		86.48	%
Number of Borrowers		22,045
Average Outstanding Principal Balance Per Borrower	$	30,692
Number of Loans		38,047
Average Outstanding Principal Balance Per Loan – Treasury Bill	$	29,120
Average Outstanding Principal Balance Per Loan – One-Month LIBOR	$	16,763
Weighted Average Remaining Term to Scheduled Maturity		179 months
Weighted Average Annual Interest Rate		6.15	%

We determined the weighted average remaining term to maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future. See Appendix A to the preliminary remarketing memorandum.

The weighted average annual borrower interest rate shown in the table is exclusive of special allowance payments. The weighted average spread for special allowance payments to the 91-day Treasury bill rate was 3.10% as of the statistical disclosure date.

The weighted average spread for special allowance payments to the one-month LIBOR rate was 2.64% as of the statistical disclosure date. See “Special Allowance Payments” in Appendix A to the preliminary remarketing memorandum.

For these purposes, the 91-day Treasury bill rate is the weighted average per annum discount rate, expressed on a bond equivalent basis and applied on a daily basis, for direct obligations of the United States with a maturity of thirteen weeks, as reported by the U.S. Department of the Treasury.

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DISTRIBUTION OF THE TRUST STUDENT LOANS BY BORROWER INTEREST RATES AS OF THE STATISTICAL DISCLOSURE DATE

Interest Rates	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Less than or equal to 3.00%		0	$	0		0.0	%
3.01% to 3.50%		690		7,956,471		1.2
3.51% to 4.00%		1,310		24,499,532		3.6
4.01% to 4.50%		7,002		85,417,567		12.6
4.51% to 5.00%		10,670		153,533,320		22.7
5.01% to 5.50%		1,888		33,126,832		4.9
5.51% to 6.00%		1,671		30,126,685		4.5
6.01% to 6.50%		2,850		51,665,618		7.6
6.51% to 7.00%		4,655		88,326,343		13.1
7.01% to 7.50%		1,175		25,175,531		3.7
7.51% to 8.00%		2,360		60,953,355		9.0
8.01% to 8.50%		2,733		76,694,228		11.3
Equal to or greater than 8.51%		1,043		39,119,803		5.8

Total		38,047	$	676,595,284		100.0	%
* Represents a percentage greater than 0% but less than 0.05%.

We determined the interest rates shown in the table above using the interest rates applicable to the trust student loans as of the statistical disclosure date. Because trust student loans with different interest rates are likely to be repaid at different rates, this information is not likely to remain applicable to the trust student loans after the statistical disclosure date. See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – Sallie Mae’s Student Loan Financing Business” in the original prospectus.

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DISTRIBUTION OF THE TRUST STUDENT LOANS BY OUTSTANDING PRINCIPAL BALANCE PER BORROWER AS OF THE STATISTICAL DISCLOSURE DATE

Range of Outstanding Principal Balance	Number of Borrowers		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Less than $5,000.00		3,206	$	6,910,827		1.0	%
$ 5,000.00-$ 9,999.99		3,655		27,853,770		4.1
$10,000.00-$14,999.99		2,852		34,918,953		5.2
$15,000.00-$19,999.99		1,929		33,668,528		5.0
$20,000.00-$24,999.99		1,702		38,264,986		5.7
$25,000.00-$29,999.99		1,404		38,514,130		5.7
$30,000.00-$34,999.99		1,099		35,674,292		5.3
$35,000.00-$39,999.99		884		33,104,098		4.9
$40,000.00-$44,999.99		746		31,664,476		4.7
$45,000.00-$49,999.99		633		29,939,048		4.4
$50,000.00-$54,999.99		550		28,784,175		4.3
$55,000.00-$59,999.99		440		25,269,853		3.7
$60,000.00-$64,999.99		362		22,550,107		3.3
$65,000.00-$69,999.99		302		20,356,223		3.0
$70,000.00-$74,999.99		266		19,264,542		2.8
$75,000.00-$79,999.99		249		19,307,507		2.9
$80,000.00-$84,999.99		200		16,466,702		2.4
$85,000.00-$89,999.99		176		15,394,715		2.3
$90,000.00-$94,999.99		158		14,631,109		2.2
$95,000.00-$99,999.99		133		12,931,714		1.9
$100,000.00 and above		1,099		676,595,284		25.3

Total		22,045	$	676,595,284		100.0	%

DISTRIBUTION OF THE TRUST STUDENT LOANS BY DELINQUENCY STATUS AS OF THE STATISTICAL DISCLOSURE DATE

Number of Days Delinquent	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
0-30 days		36,417	$	628,060,313		92.8	%
31-60 days		633		18,571,983		2.7
61-90 days		258		6,228,279		0.9
91-120 days		143		4,533,272		0.7
121-150 days		116		4,130,435		0.6
151-180 days		108		3,305,622		0.5
181-210 days		81		2,331,825		0.3
Greater than 210 days		291		9,433,555		1.4

Total		38,047	$	676,595,284		100.0	%

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DISTRIBUTION OF THE TRUST STUDENT LOANS

BY REMAINING TERM TO SCHEDULED MATURITY

AS OF THE STATISTICAL DISCLOSURE DATE

Number of Months Remaining to Scheduled Maturity	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
0 to 3		76	$	23,179		*
4 to 12		1,248		862,371		0.1	%
13 to 24		1,288		1,975,601		0.3
25 to 36		1,206		3,722,824		0.6
37 to 48		1,205		5,703,084		0.8
49 to 60		1,145		7,113,337		1.1
61 to 72		4,963		27,265,074		4.0
73 to 84		2,624		19,378,466		2.9
85 to 96		1,681		16,021,774		2.4
97 to 108		1,412		16,730,808		2.5
109 to 120		1,290		18,366,758		2.7
121 to 132		4,552		74,640,662		11.0
133 to 144		2,559		53,093,016		7.8
145 to 156		1,571		37,504,128		5.5
157 to 168		1,292		33,617,212		5.0
169 to 180		1,128		31,370,756		4.6
181 to 192		2,999		77,098,740		11.4
193 to 204		1,388		41,496,338		6.1
205 to 216		905		32,338,329		4.8
217 to 228		714		25,784,298		3.8
229 to 240		597		23,100,150		3.4
241 to 252		574		25,166,617		3.7
253 to 264		418		19,775,283		2.9
265 to 276		279		15,779,915		2.3
277 to 288		219		12,714,423		1.9
289 to 300		209		12,697,752		1.9
301 to 312		172		13,311,552		2.0
313 to 324		73		5,654,428		0.8
325 to 336		61		5,614,789		0.8
337 to 348		41		4,267,333		0.6
349 to 360		102		9,562,667		1.4
361 and above		56		4,843,619		0.7

Total		38,047	$	676,595,284		100.0	%
* Represents a percentage greater than 0% but less than 0.05%.

We have determined the number of months remaining to scheduled maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future. See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools –Sallie Mae’s Student Loan Financing Business” in the original prospectus.

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DISTRIBUTION OF THE TRUST STUDENT LOANS

BY CURRENT BORROWER PAYMENT STATUS

AS OF THE STATISTICAL DISCLOSURE DATE

Current Borrower Payment Status	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Deferment		1,330	$	31,243,739		4.6	%
Forbearance		1,896		56,402,617		8.3
Repayment
First year in repayment		454		22,991,535		3.4
Second year in repayment		408		19,427,403		2.9
Third year in repayment		475		20,353,876		3.0
More than 3 years in repayment		33,484		526,176,113		77.8
Total		38,047	$	676,595,284		100.0	%

Current borrower payment status refers to the status of the borrower of each trust student loan as of the statistical disclosure date. The borrower:

·	may have temporarily ceased repaying the loan through a deferment or a forbearance period; or

·	may be currently required to repay the loan – repayment.

See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools –Sallie Mae’s Student Loan Financing Business” in the original prospectus.

The weighted average number of months in repayment for all trust student loans currently in repayment is approximately 109.8 calculated as the term to maturity at the commencement of repayment less the number of months remaining to scheduled maturity as of the statistical disclosure date.

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SCHEDULED WEIGHTED AVERAGE REMAINING MONTHS IN STATUS OF THE TRUST STUDENT LOANS BY CURRENT BORROWER PAYMENT STATUS AS OF THE STATISTICAL DISCLOSURE DATE

	Scheduled Months in Status Remaining
Current Borrower Payment Status	Deferment	Forbearance	Repayment
Deferment	17.8	-	212.7
Forbearance	-	5.2	209.6
Repayment	-	-	172.8

We have determined the scheduled weighted average remaining months in status shown in the previous table without giving effect to any deferment or forbearance periods that may be granted in the future. Of the $31,243,739 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $20,457,276 or approximately 65.5% of such loans are to borrowers who had not graduated as of that date. We expect that a significant portion of these loans could qualify for additional deferments or forbearances at the end of their current deferment periods as the related borrowers continue their education beyond their current degree programs. As a result, the overall duration of any applicable deferment and forbearance periods as well as the likelihood of future deferment and forbearance periods within this pool of trust student loans is likely to be higher than in other pools of student loans without similar numbers of in-school consolidation loans. See Appendix A to the original prospectus.

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GEOGRAPHIC DISTRIBUTION OF THE TRUST STUDENT LOANS AS OF THE STATISTICAL DISCLOSURE DATE

State	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Alabama		292	$	6,443,176		1.0	%
Alaska		48		537,803		0.1
Arizona		764		15,100,280		2.2
Arkansas		218		3,738,336		0.6
California		4,261		81,472,096		12.0
Colorado		629		9,844,546		1.5
Connecticut		597		8,890,576		1.3
Delaware		90		1,543,926		0.2
District of Columbia		145		3,129,760		0.5
Florida		2,141		47,692,892		7.0
Georgia		1,377		30,419,021		4.5
Hawaii		84		1,485,779		0.2
Idaho		126		2,090,667		0.3
Illinois		1,779		27,181,491		4.0
Indiana		552		7,663,971		1.1
Iowa		246		4,367,799		0.6
Kansas		649		10,362,345		1.5
Kentucky		249		5,048,627		0.7
Louisiana		1,028		18,444,944		2.7
Maine		124		2,346,428		0.3
Maryland		1,077		22,233,738		3.3
Massachusetts		1,266		17,130,572		2.5
Michigan		970		19,419,638		2.9
Minnesota		700		10,880,587		1.6
Mississippi		345		6,418,322		0.9
Missouri		845		14,686,167		2.2
Montana		60		1,128,570		0.2
Nebraska		77		1,382,672		0.2
Nevada		273		5,628,912		0.8
New Hampshire		158		2,690,462		0.4
New Jersey		1,016		18,121,288		2.7
New Mexico		149		3,155,766		0.5
New York		2,783		46,407,656		6.9
North Carolina		938		15,591,097		2.3
North Dakota		17		219,097		*
Ohio		192		3,746,030		0.6
Oklahoma		956		16,449,861		2.4
Oregon		758		12,639,178		1.9
Pennsylvania		1,256		22,532,391		3.3
Rhode Island		103		1,990,071		0.3
South Carolina		432		8,855,300		1.3
South Dakota		32		384,701		0.1
Tennessee		635		11,920,043		1.8
Texas		3,849		63,660,405		9.4
Utah		129		2,161,391		0.3
Vermont		58		838,982		0.1
Virginia		1,229		19,857,989		2.9
Washington		1,291		20,265,501		3.0
West Virginia		149		2,346,318		0.3
Wisconsin		508		9,100,900		1.3
Wyoming		41		329,565		*
Other		356		6,617,652		1.0

Total		38,047	$	676,595,284		100.0	%
* Represents a percentage greater than 0% but less than 0.05%.

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We have based the geographic distribution shown in the table on the billing addresses of the borrowers of the trust student loans shown on the servicer’s records as of the statistical disclosure date.

Each of the trust student loans provides or will provide for the amortization of its outstanding principal balance over a series of regular payments. Except as described below, each regular payment consists of an installment of interest which is calculated on the basis of the outstanding principal balance of the trust student loan. The amount received is applied first to interest accrued to the date of payment and the balance of the payment, if any, is applied to reduce the unpaid principal balance. Accordingly, if a borrower pays a regular installment before its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be less than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly greater. Conversely, if a borrower pays a monthly installment after its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be greater than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly less.

In either case, subject to any applicable deferment periods or forbearance periods, and except as provided below, the borrower pays a regular installment until the final scheduled payment date, at which time the amount of the final installment is increased or decreased as necessary to repay the then outstanding principal balance of that trust student loan.

The servicer makes available to borrowers of student loans it holds (including the trust student loans) payment terms that may result in the lengthening of the remaining term of the student loans. For example, not all of the loans sold to the trust provide for level payments throughout the repayment term of the loans. Some student loans provide for interest only payments to be made for a designated portion of the term of the loans, with amortization of the principal of the loans occurring only when payments increase in the latter stage of the term of the loans. Other loans provide for a graduated phase in of the amortization of principal with a greater portion of principal amortization being required in the latter stages than would be the case if amortization were on a level payment basis. The servicer also offers an income-sensitive repayment plan, under which repayments are based on the borrower’s income. Under that plan, ultimate repayment may be delayed up to five years. Borrowers under trust student loans will continue to be eligible for the graduated payment and income-sensitive repayment plans. These programs are applicable to the trust student loans and may be offered by the servicer to related borrowers at its discretion.

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The following table provides certain information about trust student loans subject to the repayment terms described in the preceding paragraphs.

DISTRIBUTION OF THE TRUST STUDENT LOANS BY REPAYMENT

TERMS AS OF THE STATISTICAL DISCLOSURE DATE

Loan Repayment Terms	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Level Repayment		20,257	$	281,518,748		41.6	%
Other Repayment Options⁽¹⁾		17,790		395,076,536		58.4

Total		38,047	$	676,595,284		100.0	%

(1) Includes, among others, graduated repayment and interest-only period loans.

With respect to interest-only loans, as of the statistical disclosure date, there are 610 loans with an aggregate outstanding principal balance of $24,841,619 currently in an interest-only period. These interest-only loans represent approximately 3.7% of the aggregate outstanding principal balance of the trust student loans. Interest-only periods range up to 48 months in overall length.

The servicer may in the future offer repayment terms similar to those described above to borrowers of trust student loans who are not entitled to these repayment terms as of the statistical disclosure date. If repayment terms are offered to and accepted by those borrowers, the weighted average life of the securities could be lengthened.

DISTRIBUTION OF THE TRUST STUDENT LOANS BY LOAN

TYPE AS OF THE STATISTICAL DISCLOSURE DATE

Loan Type	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Subsidized		18,834	$	294,091,881		43.5	%
Unsubsidized		19,213		382,503,403		56.5

Total		38,047	$	676,595,284		100.0	%

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The following table provides information about the trust student loans regarding date of disbursement.

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY DATE OF DISBURSEMENT AS OF

THE STATISTICAL DISCLOSURE DATE

Loan Repayment Terms	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
September 30, 1993 and earlier		96	$	2,634,142		0.4	%
October 1, 1993 through June 30, 2006		37,951		673,961,142		99.6
July 1, 2006 and later		0		0		0.0

Total		38,047	$	676,595,284		100.0	%

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Guaranty Agencies for the Trust Student Loans. The eligible lender trustee has entered into a separate guarantee agreement with each of the guaranty agencies listed below, under which each of the guarantors has agreed to serve as guarantor for specified trust student loans.

The following table provides information with respect to the portion of the trust student loans guaranteed by each guarantor.

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY GUARANTY AGENCY AS OF

THE STATISTICAL DISCLOSURE DATE

Name of Guaranty Agency	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
American Student Assistance		2,053	$	25,621,249		3.8	%
College Assist		22		336,626		*
Educational Credit Management Corporation		1,294		23,699,811		3.5
Great Lakes Higher Education Corporation		647		14,135,295		2.1
Illinois Student Assistance Commission		1,708		23,290,548		3.4
Kentucky Higher Education Assistance Authority		150		3,014,854		0.4
Louisiana Office Of Student Financial Assistance		428		5,656,380		0.8
Michigan Guaranty Agency		684		11,199,647		1.7
Montana Guaranteed Student Loan Program		5		73,450		*
New Jersey Higher Education Student Assistance Authority		874		11,605,972		1.7
New York State Higher Education Services Corporation		3,727		57,691,594		8.5
Northwest Education Loan Association		3,816		56,721,779		8.4
Oklahoma Guaranteed Student Loan Program		993		15,137,112		2.2
Pennsylvania Higher Education Assistance Agency		3,081		52,648,596		7.8
Texas Guaranteed Student Loan Corporation		3,378		56,898,248		8.4
United Student Aid Funds, Inc.		15,187		318,864,125		47.1

Total		38,047	$	676,595,284		100.0	%
* Represents a percentage greater than 0% but less than 0.05%.

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SIGNIFICANT GUARANTOR INFORMATION

The information shown for the Significant Guarantor relates to all student loans, including but not limited to trust student loans, guaranteed by the Significant Guarantor.

We obtained the following information from various sources, including from the Significant Guarantor and/or from the Department of Education. None of the depositor, Navient CFC, the servicer, their affiliates or the remarketing agents has audited or independently verified this information for accuracy or completeness.

UNITED STUDENT AID FUNDS, INC.

United Student Aid Funds, Inc. (“USA Funds”) was organized as a private, nonprofit corporation under the General Corporation Law of the State of Delaware in 1960. In accordance with its Certificate of Incorporation, USA Funds: (i) maintains facilities for the provision of guarantee services with respect to approved education loans made to or for the benefit of eligible students attending approved educational institutions; (ii) guaranteed education loans made pursuant to certain loan programs under the Higher Education Act, as well as loans made under certain private loan programs; and (iii) serves as the designated guarantor for education-loan programs under the Higher Education Act of 1965, as amended (“the Act”) in Arizona, Hawaii and certain Pacific Islands, Indiana, Kansas, Maryland, Mississippi, Nevada and Wyoming.

USA Funds contracts with Navient Solutions, Inc. and Student Assistance Corporation. Student Assistance Corporation is a wholly owned subsidiary of Navient Solutions, Inc. Navient Solutions, Inc. and its subsidiaries are not sponsored by nor are they agencies of the United States of America.

USA Funds is the sole member of the Northwest Education Loan Association, a guarantor serving the states of Washington, Idaho and the Northwest and Education@Work, Inc., an Ohio non-profit corporation.

For the purpose of providing loan guarantees under the Act, USA Funds has entered into various agreements (collectively, the “Federal Reinsurance Agreements”) with the U.S. Secretary of Education (the “Secretary”). Pursuant to the Federal Reinsurance Agreements, USA Funds serves as a “guaranty agency” as defined in Section 435(j) of the Act. The Act allows the Secretary, after giving the guaranty agency notice and the opportunity for a hearing, to terminate the Federal Reinsurance Agreements if the Secretary determines that the administrative or financial condition of the guaranty agency jeopardizes the agency’s continued ability to perform its responsibilities under its guaranty agreement, it is necessary to protect the federal financial interest, or to ensure the continued availability of loans to student- or parent- borrowers.

Reinsurance is paid to USA Funds by the Secretary in accordance with a formula based on the annual default rate of loans guaranteed by USA Funds under the Act and the disbursement date of loans. The rate of reinsurance ranges from 100 percent to 75 percent of USA Funds’

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losses on default-claim payments made to lenders. The Consolidated Appropriations Act of 2016 provided for 100 percent reinsurance on all FFEL Program claims purchased beginning December 2015 and beyond. Prior to that, the Higher Education Amendments of 1998 (the “1998 Reauthorization Law”) reduced the reinsurance coverage for loans in default made on or after Oct. 1, 1998, to a range from 95 percent to 75 percent based upon the annual default claims rate of the guaranty agency. Reinsurance on non-default claims remains at 100 percent.

The 1998 Reauthorization Law requires guaranty agencies to establish two (2) separate funds, a federal reserve fund (property of the United States) and an agency operating fund (property of the guaranty agency). The federal reserve fund is to be used to pay lender claims and to pay a default-aversion fee to the agency operating fund. The agency operating fund is to be used by the guaranty agency to pay its operating expenses.

On March, 30, 2010, President Obama signed into law the Health Care and Education Reconciliation Act of 2010 (Public Law 111-152), which ended the origination and guarantee of new loans under the Federal Family Education Loan Program, effective for loans whose first disbursement was after June 30, 2010. As a result of the statute, USA Funds will continue to administer a portfolio of outstanding FFELP loans, but no longer may guarantee new federal student loans.

As of September 30, 2015, USA Funds held net assets on behalf of the federal reserve fund of approximately $130 million. Through September 30, 2015, the outstanding, unpaid, aggregate amount of principal and interest on loans that had been directly guaranteed by USA Funds under the Federal Family Education Loan Program was approximately $51.8 billion. Also, as of September 30, 2015, USA Funds had operating fund assets totaling almost $1.3 billion, which includes the $130 million of net assets held on behalf of the Federal Reserve Fund.

USA Funds’ “reserve ratio” complies with the U.S. Department of Education definition, which is determined by dividing the fund balance reserves in a guarantor’s federal reserve fund, by the total amount of loans outstanding. Following this formula, the reserve ratio for the federal reserve fund administered by USA Funds for the last five fiscal years was as follows:

	Reserve Ratio
	Federal Fiscal Year
Guarantor	2011	2012	2013	2014	2015
United Student Aid Funds, Inc.	0.394%	0.354%	0.313%	0.277%	0.251%

USA Funds’ “recovery rate,” which provides a measure of the effectiveness of the collection efforts against defaulted borrowers after the guarantee claim has been satisfied, is determined by dividing the amount recovered from borrowers by USA Funds during the fiscal year by the aggregate amount of default claims paid by USA Funds outstanding at the end of the prior fiscal year. For the last five fiscal years, the “recovery rate” was as follows:

	Recovery Rate
	Federal Fiscal Year
Guarantor	2011	2012	2013	2014	2015
United Student Aid Funds, Inc.	32.17%	31.82%	30.55%	32.01%	34.93%

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USA Funds’ “loss rate” represents the percentage of claims purchased from lenders but not covered by reinsurance. For the last five fiscal years, the “loss rate” was as follows:

	Loss Rate
	Federal Fiscal Year
Guarantor	2011	2012	2013	2014	2015
United Student Aid Funds, Inc.	4.71%	4.73%	4.74%	4.73%	4.71%

In addition, USA Funds’ “claims rate” represents the percentage of federal reinsurance claims paid by the Secretary during any fiscal year, less amounts remitted to the Secretary for defaulted loans that are rehabilitated relative to USA Funds’ existing portfolio of loans in repayment at the end of the prior fiscal year. For the last five fiscal years, the “claims rate” was as follows:

	Claims Rate
	Federal Fiscal Year
Guarantor	2011	2012	2013	2014	2015
United Student Aid Funds, Inc.	1.69%	1.58%	1.41%	1.48%	0.60%

USA Funds is headquartered in Fishers, Indiana. USA Funds will provide a copy of its most recent annual report upon receipt of a written request directed to its headquarters at P.O. Box 6028, Indianapolis, Indiana 46206-6028, Attention: Vice President, Corporate and Marketing Communications.

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SLM Student Loan Trust 2003-4 - FORM 8-K - EX-99.1 - TABLES SHOWING SLM STUDENT LOAN TRUST 2003-4 POOL INFORMATION - December 5, 2016

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